Hefty oil price hike set Tuesday

FILE PHOTO

Metro Manila (CNN Philippines, January 14) — Pump prices are set to increase starting Tuesday, January 15, amid the implementation of higher oil excise tax and increasing cost of petroleum in the global market.

The agency attributed the increase to the implementation of the additional excise tax on petroleum products under the second tranch of the Tax Reform for Acceleration and Inclusion law.

According to the DOE, over 400 gasoline stations nationwide have begun charging higher amid the excise tax hike under tax reform law, which places an additional ₱2 per liter excise tax on diesel and gasoline, ₱1 per liter of kerosene, and ₱1 per kilogram of cooking gas or liquefied petroleum gas (LPG) for 2019.

It also said the price adjustment could be due to the U.S. and Kuwait crude oil prices rising, among other factors.